I have submitted my ITR two months back, and I have to receive around 40000 in a refund. I want to know when it will be processed.
Income Tax Department issues the refund only after processing your ITR. Generally, it takes 30-45 days from the date of the e-verification of your Income Tax Return to get your refund credited. Make sure that you have e-verified your ITR since the ITD does not process your return until it is verified.
You can track your Income tax refund status using this tool.
Learn more about types of Income-tax refund status.